Dogecoin

bullish

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
According to important on-chain metrics, <a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=all&amp;chart=all" rel="noopener noreferrer nofollow">Dogecoin</a> has been exhibiting indications of possible bullish momentum lately. There are not many big selling clusters in the near future that could open the door for swift upward movement, according to the Global In/Out of the Money <a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=all&amp;chart=all" rel="noopener noreferrer nofollow">indicator</a>.&nbsp;
The absence of selling pressure resistance points to a potential rally for DOGE toward the $0.17 price level, where more resistance to the asset's decline and possible consolidation await. According to the indicator, roughly 73% of Dogecoin addresses are presently in the money or profitably holding <a href="https://u.today/shiba-inu-shib-new-key-pattern-just-dropped-anemic-xrp-performance-might-end-here-dogecoin-doge" rel="noopener noreferrer nofollow">DOGE</a>. Being in a strong position is usually indicated by a high percentage of profitable holders since fewer holders are under pressure to sell at a loss.&nbsp; <img alt="DOGEUSDT" data-entity-type="file" data-entity-uuid="6020018a-66c7-452e-a36e-6dd66746e35b" src="https://u.today/sites/default/files/inline-images/image_1300.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">DOGE/USDT Chart by TradingView</a>
However, just about 24% of addresses are out of the money, which lessens the possibility of strong selling pressure in the short term. In addition, 11.4 billion <a href="https://u.today/dogecoin-founder-will-bitcoin-instantly-crash-from-hbo-satoshi-reveal" rel="noopener noreferrer nofollow">DOGE</a> have been moved in the last 24 hours, a significant increase in the volume of large transactions.&nbsp;
The current activity suggests that institutional investors, or whales, may be preparing for a future price increase. Due to these high-volume players' substantial market-moving ability, such large movements frequently precede notable price swings.&nbsp;
With this data, it looks like DOGE will move toward the $0.17 threshold, where traders should be on the lookout for stronger selling pressure. A longer rally for Dogecoin is possible if this barrier is successfully breached. There might be a pullback or a period of consolidation, though, if DOGE encounters significant resistance at or close to this level.

Dogecoin (DOGE) 70% Surge Incoming? Important On-Chain Data

U_Today

Other articles published on Oct 10, 2024

The Ultimate Guide to the 4 Top Crypto Seed Rounds for Q4

Historical Data Shows Solana Price Will Soar in Q4, But ‘SOL Killer’ Token Set to Pump 5,500% by ...

Can This Undervalued Altcoin Take Over Kaspa and SHIB in 2024’s Bull Run?

The First-Ever Health and Wellness Ecosystem Built on Web3: Limoverse takes the spotlight at the ...

Sekuya Racing Teams Up with Neiro on Ethereum for Mandalika Festival of Speed 2024

South Korea Set to Review Crypto ETF Ban! Here Are the Details

Join our free newsletter for daily crypto updates!